cost of producing the fifth pizza is a. $16 b. $10. c. $8 d. $6. 3. When firms in an oligopoly successfully collude and do not cheat on a cartel agreement‚ they achieve long-run economic profit similar to: a. perfect competition. b. monopoly. c. monopolistic competition. d. non-colluding oligopolies. 4. The price of a resource with a perfectly inelastic supply‚ a. is pure economic rent. b. consists of only opportunity cost and has no economic rent. c. cannot change. d. is
Premium Supply and demand Economics
Zimbabwean government intervenes by setting price ceilings. QUESTION FOUR (20 marks) (20 marks) Assume the Zimbabwean government through the Grain Marketing Board (GMB) set a producer price Economic analysts across the globe have heavily criticised monopolies as being the major causes of poor products
Premium Economics Inflation Keynesian economics
Bibliography: [6] See: Correa C. (2006) Implications of bilateral free trade agreements on access to medicines. Bulletin World Health Organization 2006‚ 84(5):399-404. [7] Correa C. (2009). Negotiation of a free trade Agreement European Union-India: Will India accept TRIPS-plus protection? Oxfam Germany and the
Premium Patent Patent law Pharmaceutical industry
Negative Externality Case Study Economics for Business Central Queensland University “CQU” Table of Contents Question 1: Negative Externalities 4 1.1 Defition 4 1.2 Examples 4 1.3 Reasons for Government Intervention 4 1.4 Possible Solutions 5 Question 2: Case Study of Externaities 5 2.1 Garbage disposal service 5 2.2 Market structure 6 2.3 Market structure of the system 7 2.4 Negative externality situation 10 2.4 Government intervention 10 Question 3: Suggestion 11 3.1 Problem of of Volume-rate
Premium Externality Waste management Market failure
Principles of Microeconomics Take Home Test #4F - Chapters 28‚ 29‚ 5 & 32 (Miller Spring 2006) Choose the one alternative that best completes the statement or answers the question. 1) All economic systems must answer which questions? A) Who get the goods‚ how do they get them‚ and why do they get them. B) Who get the goods‚ how do they get them‚ and what do they get them for. C) How are goods and services distributed‚ who gets the goods and services produced‚ what goods and services will
Premium Economics Supply and demand Unemployment
different market structures • Changes in costs and revenues in different market structures The range of market structures |Type |Perfect competition |Imperfect competition |Oligopoly |Monopoly | |Example |Financial markets and |Small service sectors‚ |Supermarket chains‚ banking|Microsoft? | | |commodities |bars‚ restaurants
Premium Economics Microeconomics Supply and demand
Demand * The concept that producers will offer more of a product for sale as its price increases and less as its price decreases is known as The Law of Supply * When plotted on the same graph‚ the supply curve and the demand curve will normally Cross one another at some point * On a graph showing the supply curve and the demand curve‚ the point at which the supply curve crosses the demand curve is referred to as the Equilibrium Price * A Surplus occurs when the quantity supplied
Premium Supply and demand Capitalism Planned economy
Stephanie Piris ECO 550 Dr. Gerace Assignment 4 December 20‚ 2012 Long-term Investment Decisions 1. Explain why government regulation is or is not needed‚ citing the major reasons for government involvement in a market economy. Provide support for your explanation. In a free market economy‚ buyers and sellers freely trade with each other according to their own self-interest and the laws of supply and demand. Competitive market forces efficiently allocate resources. The role of government
Premium Externality Market failure
American Economic Association The Theory of the Firm as Governance Structure: From Choice to Contract Author(s): Oliver E. Williamson Source: The Journal of Economic Perspectives‚ Vol. 16‚ No. 3 (Summer‚ 2002)‚ pp. 171-195 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/3216956 Accessed: 21-04-2015 06:39 UTC Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use‚ available at http://www.jstor.org/page/info/about/policies/terms
Premium Contract Economics Transaction cost
Abstract: Now as the items are perfect substitutes we can write the equation as f(x1‚ x2) = x1 + x2. Now this is Cobb-Douglas if the function has the form f(x1‚x2) = Ax^a1 x^b2‚ and provides us the utility function (Varian‚ 2010) and the graph shown in fig 3. For the production formula it would be Q=AK^ αL^β (Renshaw‚ 2009)as you can see both formulas are remarkably similar‚ as they both steam from the original theorem. So if we set A=10 and α= β=0.5‚ we get Q=10K^0.5L^0.5 now if we fix capital
Premium Economics